Bitcoin [BTC] and its tryst with the US Securities and Exchange Commission is set to climax with the imminent discussion regarding the hotly anticipated ETF, which has everyone in the community on the edge of their seats. Or does it? Some are not swayed by this publicly traded BTC product, stating that it will have little impact on the overarching goal of decentralized currency.

Mati Greenspan, the senior market analyst at eToro, is of this opinion. In an exclusive interview with AMBCrypto, the acclaimed markets analyst chided the ETF stating:

“The idea of the SEC approving a Bitcoin ETF is basically saying that the government is going to approve something that the banks made. I don’t think Bitcoin cares very much about that.”

Speaking initially about the Bitwise Asset Management report submitted to the SEC with reference to their ETF proposal, Greenspan stated that it addressed two key points. Firstly, it shed light on “market manipulation,” and “wash trading,” which the members of the SEC have voiced their concerns regarding. Last month, the chairman of the SEC, Jay Clayton stated he was on the fence regarding the ETF stating the above reasons.

Additionally, the firm also tabled a new method to calculate Net Asset Value [NAV] based on the figures of ten cryptocurrency exchanges reporting “real volumes.”

In light of this report and, in particular, the two key points highlighted by Bitwise, Greenspan added that the proposal has “a good shot” of approval by the SEC. He further added that, after the change in the SEC members, many are “more bullish on crypto.”

Despite the next ETF hearing set for May 19, 2019, Greenspan was fairly certain that the same will be delayed yet again by the SEC. His expectation was echoed by Jake Chervinsky, a member of the securities litigation team at Kobre & Kim who stated, back in March:

“The SEC’s *final* deadlines will be October 13 and October 18, 2019.”

If the ETF is approved by the SEC, it would open “larger crypto investments” allowing hedge fund managers to enter the space. However, in Greenspan’s opinion, this would only add to Bitcoin as an investment vehicle, as these managers will not “try to figure out what cold storage is,” and will only enter for the price volatility. He stated:

“Basically, having an ETF, is another vehicle that they can invest in Bitcoin, in an easy way.”

He added that a “significant impact in the price” could manifest by the approval or rejection of a Bitcoin ETF, however, he cautioned stating that this will affect the market “only for a short period of time.”

The Bitcoin ETF would “go a long way to providing liquidity” to many players in the market, but are just another channel to access Bitcoin’s investment capabilities and these products are not “built on actual Bitcoin,” stated Greenspan. He described Bakkt service as “incredibly positive,” especially their plans of a credit card linked to a “Bitcoin account.”

Overall, these developments will help the case of “adoption” and Wall Street see an increase in volume by a trillion dollars, or so, but the goal of Bitcoin will always remain to become a ubiquitous, universal, censorship-resistant global money, and this will not change concluded Greenspan.